Watson Wyatt urges Congress to act.(pensions)

Financial Executive, July, 2006 by Heffes, Ellen M.; Marshall, Jeffrey

With new analysis showing the largest U.S. companies continued to shift from traditional pensions to 401(k) plans in 2005, Watson Wyatt Worldwide has urged Congress to act on long-standing funding and regulatory issues affecting pensions. At the same time, the firm's experts say employers should get a true reading of their plans' cost structure and of related workforce management issues before making plan changes.

"As Congress considers a major rewrite of pension laws and the marketplace sorts out the best way to handle employee retirement programs, the defined benefit system finds itself at a very critical stage," said Sylvester J. Schieber, director of U.S. benefits consulting at Watson Wyatt, in an announcement. "Regulatory uncertainty and financial...

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